Bitcoin price struggled to break through the $77,500 resistance zone. BTC has initiated a downside correction, slipping beneath the crucial support level of $76,500 and entering a bearish territory. There was a decline beneath the 50% Fibonacci retracement level of the upward movement from the $74,210 swing low to the $77,810 high. Additionally, the hourly chart of the BTC/USD pair indicates a break below a declining channel, with support identified at $76,250.
Bitcoin is currently trading under $76,500 and has fallen below the 100 hourly simple moving average. If the price maintains stability above $75,500, it may seek to initiate a new upward movement. Immediate resistance is positioned around the $76,000 mark. The initial significant resistance is located around the $76,250 mark. A close above the $76,250 resistance could propel the price even higher. In the current scenario, the price has the potential to increase and challenge the $77,000 resistance level. The next resistance could be near the $77,200 level.
Further gains could propel the price towards the $78,000 mark. The primary obstacle for the bulls may be $79,500. If Bitcoin fails to rise above the $76,500 resistance zone, it could start another decline. Immediate support is positioned around the $75,550 mark, coinciding with the 61.8% Fibonacci retracement level derived from the upward movement that spans from the $74,210 swing low to the $77,810 high.
The first major support is positioned around the $75,000 level. The next support is now near the $74,200 zone. Further losses could push the price down to the $74,000 support level in the short term. The primary support level is currently at $73,500, and if BTC falls below this mark, it may face challenges in making a recovery in the short term.